Islamic social business to alleviate poverty and social inequality
Nusrate Aziz and
Osman Bin Mohamad
International Journal of Social Economics, 2016, vol. 43, issue 6, 573-592
Abstract:
Purpose - – The purpose of this paper is to identify some well-set instruments in Islam that can efficiently alleviate poverty, solve social problems and reduce social inequality through a new operational framework called “Islamic social business (ISB)”. Design/methodology/approach - – This is a conceptual research that is based onAl-Quranicprinciples as well as contemporary social welfare philosophies, such as, augmented stakeholder theory, social enterprise and social business.Al-Quran,Al-Hadithand existing traditional and Islamic literature are consulted for this study. Findings - – The study proposes an efficient system of Islamic wealth sourcing and management to make the process of poverty alleviation sustainable. Other social problems for disadvantaged people, such as, health-, shelter-, literacy- and environmental-related issues are also addressed in the proposed system. The study identifies the inefficiency in the current practices and makes some propositions that are in conformance with Islamic principles and implementable by Islamic institutions all over the world. The authors propose a theoretical framework and operational propositions for ISB. Practical implications - – In following this study, social policymakers, Islamic financial institutions, Islamic social enterprises and Islamic charity organizations will find organized guidelines to initiate “new entities” or “reshape existing entities”. Social implications - – The study will be effective in solving social problems, alleviating poverty and reducing social inequality. Originality/value - – This is the first study that identifies all the potential Islamic sources of funding and the efficient management thereof through ISB. The study also proposes an ISB model and makes several propositions for different types of ISB.
Keywords: Economic philosophy/theory; Poverty; Islamic banking/finance (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (6)
Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:v:43:y:2016:i:6:p:573-592
DOI: 10.1108/IJSE-06-2014-0129
Access Statistics for this article
International Journal of Social Economics is currently edited by Professor Terence Garrett
More articles in International Journal of Social Economics from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().